Life Skills Vocabulary Quiz

The term _______ refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities. The purpose is to organize some sort of economic production (of goods or services). It can be for-profit entities or non-profit organizations fulfilling a charitable mission or furthering a social cause. They range in scale and scope from sole proprietorships to large, international corporations.

An________ is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit.

A_______ is something a person or company owes, usually a sum of money. They are settled over time through the transfer of economic benefits including money, goods, or services.

_____ are the non-physical, intangible parts of our economy, as opposed to goods, which we can touch or handle.

______, such as banking, education, medical treatment, and transportation make up the majority of the economies of the rich nations. They also represent most of the emerging nations’ economies.

_______Are things that we make or grow and aim to sell.

_______ is a security that represents the ownership of a fraction of the issuing corporation. Units of stock are called "shares" which entitles the owner to a proportion of the corporation's assets and profits equal to how much_______ they own.

A_______ is a fixed-income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). It could be thought of as an I.O.U. between the lender and borrower that includes the details of the loan and its payments.

The word_______refers to either the application of money to make more money, the purchase of goods that are not consumed now but are used in the future to make money (create wealth), or a monetary asset that will rise in value and be sold at a higher price or provide income in the future

A worker’s_______ is the monetary compensation an employer pays for the work he or she has done.

The employer works out the pay rate on an hourly, daily, weekly or monthly basis. Sometimes, we use a piece rate system to determine_______, i.e. the person’s pay depends on how much they produce.

_______is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made.